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RegulationNov 7, 20263 min readThe Block

Nigeria central bank bans algorithmic stablecoins in new rules

The Central Bank of Nigeria has introduced new licensing requirements for stablecoin issuers. The updated framework explicitly bans the issuance of algorithmic stablecoins within the country.

Nigeria's new regulatory stance aims to tighten oversight of the digital asset sector by mandating strict licensing for all stablecoin providers. By prohibiting algorithmic versions, the central bank seeks to mitigate systemic risks associated with unbacked or volatile stablecoin models. This move reflects a broader trend of African nations seeking to formalize and control the domestic crypto market.

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